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Market Entry StrategyThe key to a successful and sustainable entry into the German and European market is an elaborated marketing strategy.
Based on our experience we can tell that many new international companies were considering the incorporation of a legal entity in Germany.
After the long-term business strategy has been made transparent to all stakeholders, an individual go-to-market approach was defined that would support the market entry strategy for Germany and the rest of Europe. We will work very closely with you during this stage of executing the go-to-market strategy. Product and innovation strategiesDeveloping and launching new products So far we have set the background to new product development decisions. Usually this means starting with an in-depth market analysis in order to get an understanding of the local market environment and potential competitors and customers.
This first consideration, however, was only the next step in a long and carefully thought-out evaluation process. By creating an optimized market entry strategy that aligns your marketing and sales organizations with multiple channels, and communicating your story to the right customer segment, you achieve an increased penetration for your brand, products or services in the European markets. Int GmbH and are exclusively carried out under ยง 6 Nr.3-4 of the German tax adviser direction code. Not all innovation strategies involve in-house development of new products, but where this route is selected evidence on successful new product development suggests that a systematic approach is essential. Based on the results of this analysis a market entry strategy should be developed that takes into account the local mentality and culture. The majority of all business cases known to us started off by identifying a long-term business goal, followed by the definition of a very individual business strategy.
The execution of a very well-prepared strategic due diligence*, however, is the foundation for the successful long-term development of your business in Europe.
Consultinghouse provides management consulting as well as services with regard to accounting of current business activities, the generation of payslips, as well as the registration for payroll tax. The following sequence of steps in new product development was originally suggested by the American consultants, Booz, Allen & Hamilton following research they conducted initially in 1968 and followed up in 1981. Consultinghouse is committed to supporting our customers right in the early stages of the market entry approach.
This enables us to outline some of the key marketing issues involved at each stage of developing a new product:idea generationidea screeningconcept development and testingstrategy developmentbusiness analysisproduct developmentmarket testingcommercializationlaunchIdea generationGood ideas are the life blood of new product development. Employee suggestion systems turn up ideas, but the most useful suggestions come from employees whose work brings them in contact with the customers and their problems. Salespeople know when a large order is lost because a company’s product is not quite what the customer wanted. Here the criteria to be used for assessment are given a numerical weighting according to their judged relative importance. Each new product idea is then scored against each of the pre-established criteria, say on a l to 10 basis, with 1 being a poor score and 10 the highest (i.e.
A profiling system uses exactly the same approach but the weighted total scores against each criterion are presented in the form of a visual profile for each new product idea.High ProfileScreening new product ideas is inevitably subjective.
They also induce systematic and sometimes more objective, appraisals of new product ideas, where over-enthusiasm and excitement can blind management to potential dangers.Although we have discussed screening as the second stage in new product development, screening effectively takes place throughout the development of a new product, right up to (and after) launch.
It is important to have a wide range of viewpoints and skills from different functions in the organization. People are asked to be judges and endorsers which is hypothetical.Considerable interview skill is required, especially in focus groups, although it looks deceptively simple.

In this situation it is difficult for consumers to have any frame of reference against which to judge the concept.
The Red Bull drink product was completely different to any of its predecessors on the market. However, it does not take into account the likely life of the product and cannot be an adequate measure of profitability.Return on capital is defined as the percentage annual net profit to the net assets employed in the product. The analysis is applied to each year of the forecasted life cycle and provides a means of direct comparison with alternative investment options.
This technique has gained universal acceptance as a means of investment appraisal as conventional capital investment appraisal techniques give insufficient evidence to allow the decision maker to take the development decision to the next logical stage.There is significant difference between venture capital required to set up the development and working capital requirement needed to maintain necessary levels of marketing activity after the launch stage, so projections for working capital needs are vital.
It is also essential to consider financial pressure that new product introductions can have upon the liquidity position of the company.
There is a lagged effect during market development that can place a company in severe liquidity crisis, attributable to the rate of growth.Survival through innovation, growth and competitive advantage is an interactive triangle, bounded by time.
Financial implications of innovation and new product development necessitate an understanding of start-up capital and working capital needed to stay in business. The means of their attainment is through an effective budgetary control system with concurrent variance analysis based on the forecasted cash needs of the project to survive and achieve growth. Cash flow forecasting is therefore essential.Margins can be eroded through an inability accurately to determine costs and cost behaviour in relation to output. A comprehensive understanding of fixed and variable costs in relation to projected levels of performance is vital to establish a financial control climate within which the new product development process can be nurtured.
Absolute profits can be disappointing in the short term.Therefore, objectives have to be set clearly in relation to the time horizons of the development plan to monitor progress towards targeted profits. Attention to these aspects of financial control is advised to provide a balance between marketing enthusiasm and the requirements to achieve and maintain a stable financial position for the new enterprise.Product developmentIf business analysis points to a favourable decision, the next major step is product development which is where costs tend to rise substantially.
Even at this stage an objective and critical view needs to be taken about further investment in the product.Test marketingThis is the penultimate stage before full scale commercialization and launch. Here, the new product is tested in a way that involves consumers purchasing in a normal shopping situation, or in the case of a more durable product, being tested in an environment in which it is finally used (usually in the home). This process is conducted towards the end of the development process when the concept, product and marketing strategy are at a refined stage. The objective of the test marketing exercise is reduction of risk in any subsequent decisions that are made. Later adopters tend to look to them for a lead.Early majority are more averse to risk and represent those who deliberate more and try it after others have tried it. They tend to be better educated and better off than later categories.Late majority consumers need contagion and reassurance about the benefits of the product, and will not try it until it is well established and respected customers have adopted it.
At this stage the product will have reached the maturity stage of the product life cycle.Laggards are traditional and do not see any urgent reason to change. They tend to be older and of lower socio-economic status and not so well off as earlier categories.Diffusion processes relate to the speed and extent of take-up of a new product. In most circumstances the new product marketer is interested in securing the widest adoption at the highest rate.
In part, these developments reflect improvements in our knowledge regarding key factors in managing this process more successfully. Some of the more important of these developments are now discussed.Design and new product developmentDesign of a product is a major source of product differentiation in a competitive marketplace.
The importance of design in new product success has long been recognized by some, but not since the 1930s has design been so strategically used to gain advantage in the marketplace.

Price shows how the life cycle cost of a product is significantly influenced by how it is designed and this affects ease of manufacture and serviceability.Simplifying design results in benefits like reduced costs and marketing benefits of improved quality and potentially shorter product development lead times. Lee and Sasser have suggested that the total cost of producing and delivering a product is determined by the design. QFD then helps translate these needs through each stage of the design and development process including manufacturing and production.The idea is to ensure that customer needs and wants remain paramount in each and every successive stage of the process right up to and including production. Most companies realize this and have elevated their design function to a more important role in the process of innovation than was afforded in previous years.Speed and flexibility in the new product development Process With competitive environments changing rapidly to meet changes in markets, technologies, and user needs, product life cycles have become shorter. There is an increased premium on speed and flexibility in managing new product development. Because of this, companies have sought to find ways of improving their performance with respect to these attributes and the most important development in this respect has been to move from the traditional sequential approach to product design and development to one which is characterized by shorter, overlapping phases between the different stages of new product development and with interaction and feedback from cross-functional and multi-functional areas. Takeuchi and Noanaka30 suggested a holistic approach to new product development where several phases of development overlap.The process represents the traditional sequential process of new product development with each functional area completing its part in the process independently before passing the project on to the next department in the sequence. The design is then passed to production to manufacture and finally the marketing department comes up with plans for marketing the new product. Each stage is still managed independently and in sequence, but there is beginning to be communication between one department and the next in the process. Clearly, this reduces the amount of time needed for developing new products.Sequential (A) versus overlapping (B and C) phases of new product developmentWith the sequential approach to product development, the new product goes through each phase in a step-by-step manner, moving from phase to phase only after all requirements of each phase have been completed. This inevitably means an end to functions being specialized, where marketing examines customer needs, engineers produce designs and production builds the product. This Type C process is akin to running a relay race with each function passing the baton from one to another, rather the new product development process being organized around multi-functional teams who take charge of the product development process, developing products, manufacturing processes and marketing plans simultaneously to collapse time.The increased speed of product development to which this gives rise can represent a major source of competitive advantage. In the early 1980s Canon’s top management set an objective of reducing product development cost and time by 50 per cent.
Ultimately, Canon reduced its development costs by 30 per cent and achieved its objective of reducing time to market by 50 per cent. They suggest that costs for Renault have been cut by up to 25 per cent and development times for new products reduced from nearly eight years to just three.Inter-company collaboration in new product developmentAs products become more complex, design and manufacturing requires more resources, so some companies are turning towards collaboration when developing new products.
Each collaborating company concentrates on activities that reflect their competencies so the product development process is shared between the different members of the supply chain. Collaboration is increasingly being promoted as an effective strategy in dealing with some of the more complex aspects of product development.Littler and Leverick33 suggest that collaboration offers a means to secure access to technologies, skills and information, to share costs and risks of product development and again reduce the time taken to develop products. Styles34 contends that pooling resources and capabilities can generate synergistic growth between organizations in terms of developing a current product or service, or through the creation of an entirely new venture.
A successful example of a strategic alliance between companies to develop new technology and products was that described earlier in this chapter, where co-operation between Kodak, Fujifilm, Minolta, Nikon and Canon led to the development of the Advanced Photographic System (APS). This was a new type of film that was easier to use, load and change than conventional 35mm and other format films. These companies combined to share development costs up to the point where the technology was proven. They then went their separate ways in developing specific products and features on cameras incorporating the new technology. The technology would probably never have been developed unilaterally by individual companies in the industry.

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